June 19 - GTA housing market on track for average year

June 19, 2012

GTA housing market on track for average year

Greater Toronto, June 19, 2012 - New home sales in the GTA remained on par with the historic average, despite a modest decline from last year's record-breaking figures, the Building Industry and Land Development Association (BILD) announced today.

While new home sales in May were in line with sales seen over the last five years, they could not match the success of May 2011, which still stands as one of the best on record.

According to RealNet Canada Inc., BILD's official source of new home market intelligence, total new home sales in May decreased by 27 per cent over May 2011 while modestly outdoing its 2010 predecessor.  

"As we've observed over the last few months, the residential construction market is now back to a regular, steady pace," said BILD President and CEO Bryan Tuckey, adding that it's important to view the long-term average before jumping to conclusions based on 2011 comparisons. "Looking back at sales over the last five years, we see that the market is once again where it should be."

High-rise sales in Durham and York Regions continued to grow, while total high-rise sales declined by 35-per-cent from May 2011.

Low-rise sales saw a decrease of 15 per cent across the GTA with year-to-date totals matching those of last year.

May '12

Low Rise

 

 

High Rise

 

 

Total

 

 

Region

2011

2012

% Change

2011

2012

% Change

2011

2012

% Change

Durham

284

255

-10.2%

4

78

1850.0%

288

333

15.6%

Halton

118

206

74.6%

47

52

10.6%

165

258

56.4%

Peel

577

358

-38.0%

210

69

-67.1%

787

427

-45.7%

Toronto

77

21

-72.7%

2,290

1,099

-52.0%

2,367

1,120

-52.7%

York

824

750

-9.0%

134

435

224.6%

958

1,185

23.7%

GTA

1,880

1,590

-15.4%

2,685

1,733

-35.5%

4,565

3,323

-27.2%

Jan-May

7,917

8,040

1.6%

11,506

8,924

-22.4%

19,423

16,964

-12.7%

Source: RealNet Canada Inc.

With more than 1,350 members, BILD, formed through the merger of the Greater Toronto Home Builders' Association and Urban Development Institute/Ontario, is the voice of the land development, home building and professional renovation industry in the Greater Toronto Area.  BILD is proudly affiliated with the Ontario and Canadian Home Builders' Associations.

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For further information:

Andrei Zaretski
Manager, Marketing & Media Relations
416-391-3450 or 416-843-4898
azaretski@bildgta.ca

or

Amy Lazar
Manager, Communications
416-391-3452 or 416-543-3903
alazar@bildgta.ca